Malaysia is taking proactive steps to strengthen its economic ties with Thailand by proposing the involvement of the private sector and startup companies in the establishment of special economic zones (SEZs). This initiative aims to attract more investments and foster economic growth in both nations.
Malaysia’s Proposal to Thailand
Prime Minister Datuk Seri Anwar Ibrahim highlighted this proposal during a meeting with Thai Foreign Minister Maris Sangiampongsa on Monday. The meeting, which took place as part of a broader discussion on enhancing bilateral relations, focused on the potential benefits of involving private sector players and startups in the development of SEZs.
Anwar emphasized that the inclusion of private companies in these zones could significantly boost investment flows into the region. “Their involvement can attract more investment into the SEZs,” Anwar said, underscoring the importance of leveraging private sector expertise to drive economic development.
Strategic Focus on Kelantan
In addition to the SEZ proposal, Anwar suggested that the state of Kelantan should seize the opportunity to develop business spaces along the Sungai Golok. This strategic location is poised to become a key area for cross-border trade and investment, further enhancing economic cooperation between Malaysia and Thailand.
Bilateral Discussions and Regional Cooperation
During the meeting, the leaders also reviewed the outcomes of Anwar’s recent working visit with Thai Prime Minister Srettha Thavisn to Sungai Golok, Thailand, and Rantau Panjang, Kelantan. The discussions covered a range of topics, including the rubber sector and the food industry, which are vital to the economies of both countries.
Anwar and Maris also discussed joint efforts to dredge the Sungai Golok estuary, a project aimed at mitigating the annual flooding that affects communities along the Malaysia-Thailand border. This initiative reflects both countries’ commitment to addressing environmental challenges that impact their shared borders.
Commitment to Peace and Stability
The discussions further reaffirmed Malaysia’s dedication to the Southern Thailand peace dialogue process. Anwar reiterated Malaysia’s role as a facilitator in peace talks aimed at resolving decades of conflict in Southern Thailand, particularly in the provinces of Narathiwat, Yala, Pattani, and parts of Songkhla.
Anwar also confirmed that Malaysia will host the seventh annual consultation on September 19, 2024, marking a continued effort to strengthen peace and stability in the region. The recent appointment of former National Security Council director-general Datuk Mohd Rabin Basir as the new Malaysian government facilitator for the Southern Thailand peace dialogue process underscores this commitment.
Enhancing Economic Prospects
The proposal to involve the private sector in SEZs is expected to provide a significant boost to the economic prospects of both Malaysia and Thailand. By fostering an environment that encourages private sector investment, the initiative aims to drive job creation, enhance trade, and improve infrastructure in the region.
Moreover, the strategic development of business spaces in Kelantan, particularly along the Sungai Golok, could position the area as a critical hub for trade and investment, attracting businesses and investors from both countries and beyond.
Conclusion
Malaysia’s proposal to involve private sector and startup companies in the development of SEZs with Thailand is a forward-thinking move aimed at boosting investment and fostering economic growth. As Malaysia and Thailand continue to strengthen their bilateral ties, this initiative could play a pivotal role in driving regional development and enhancing economic cooperation between the two nations.
With continued efforts to address environmental challenges and promote peace in Southern Thailand, the collaboration between Malaysia and Thailand is set to create lasting benefits for both countries and their citizens.
